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​Should you buy a New Home or a Resale Home?

By Dwayne Swan

Life is a series of choices, and we always try to make the best choice; when you decide to buy a home it is not different. When buying a home you have to decide between buying a new house versus buying a re-sale house.

You have to decide- do you want a home that truly reflects your taste and personality, or would you prefer a house that was previously owned and may need fixing-up before it reflects who you are?

Your answers are likely to depend on your lifestyle preferences, financial needs, and the priorities you put on features like high energy efficiency, functional arrangements of interior living spaces and your desire, budget and ability when it comes to repairs and capital improvements.

You should consider two main issues when buying that new home:

Bottom Line- What can you afford? Can you afford the home of your dreams, or can you afford to create the home of your dreams over time?

Resale Value- You will move from your current home at some point in your life- maybe to a larger house, or maybe to a smaller house. Which choice will give you the bigger bang for your investment?

There are a number of reasons why you may choose to live in a re-sale house even if it needs work, you may want to live in a specific neighbourhood in the city. You may choose to live there because of the school zone, the neighbours, the zip-code, specific amenities, size of the yard space or because it best suites your budget.

Likewise there are a number of reasons why some buyers prefer newly built houses.

New homes are built to reflect the buyer’s taste. You have the option to participate in the design of interior spaces with the builder; you can choose where to place the walls and the colour of the paint on the walls.

New homes also allow you to design your home and you move in to a finished, updated home. You get to choose the floor plan and room layout that best suits your needs (and it is all done under warranty). New homes are also the most energy efficient homes on the market today, and are all low maintenance.

The choice to buy a resale house versus new house is a big decision. Contact me with any questions you may have about the process of buying a house and real estate options that suit you.

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